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Low-cost carriers are giving Vietnam Airlines a run for its money, challenging its long-held top position in a country where travel demand is growing at a very fast pace.

Vietnam Airlines controlled 47.6 percent of the passenger air market in the first 10 months, down 8.6 percentage points compared to the same period last year, the air transport department under the Civil Aviation Authority of Vietnam (CAAV) reported on its website.

Budget carrier VietJet Air had a 35.7 percent share, up from less than 29 percent last year, it said.